Spectrum's Emergency Relief Loan helps members affected by natural disasters
At Spectrum, we're keenly aware of the devastation that nature can wreak on our members. That's why we are offering our new Emergency Loan for members affected by the devastating fires in Southern California, or other natural disasters. This Emergency Loan will provide up to $5,000, at 5.00% Annual Percentage Rate interest, for a 24-month period. The money can be used to assist you with clothing, housing, furniture, food needs, etc, until your insurance company or FEMA reimburses you. There is no prepayment penalty to pay off this loan early.
If you've been hit by this terrible fire or other disaster, talk to a Spectrum representative today to apply for the Emergency Loan, by calling (800)782-8782. Just tell us what city and county you live in, provide us with some employment information, and we'll take it from there. This offer is subject to credit verification and approval.
Online Protection is not enough: Spectrum now offers Identity Fraud Protection and Recovery services!
A recent study by the Center for Identity Management and Information Protection indicates that fewer than one-fifth of all identity theft involves online fraud. In addition, less than one-third of identity theft cases involve "inside" information from dishonest retail or service employees. In other words, it's not enough to be careful about giving out your credit card number: fraud and identity theft can, and do, happen anywhere, anytime, and you need a comprehensive program that warns of dangers, and that can assist with recovery if you become a victim of identity fraud.
At Spectrum, we understand the importance of protecting our members' financial information, and the dangers of identity theft, which is why we have so many electronic and online safeguards in place. In addition, we have partnered with Identity Fraud Inc., to make comprehensive fraud protection and recovery services available to our members.
Identity Fraud, Inc., offers their Core Identity Protection, providing essential resources, no matter what type of identity fraud you may suffer, whether simple or complex. With millions of victims each year, it's vital to have a plan in place to protect your most valuable asset: your identity. Identity Fraud, Inc., offers not only such pro-active benefits as Loss Prevention Guides and Credit Bureau Monitoring, they're also experts in the field, who can advise members on everything from maintaining safe practices to dealing with police in reporting identity crimes. In addition, Identity Fraud, Inc., can offer up to $25,000 per year in Identity Insurance, money that can be used for legal fees, expenses, lost wages, travel, and other expenses that a member might incur in recovering from being victimized.
For information about Identity Fraud, Inc., and the products and services they can offer to Spectrum members, visit their website: Identity Fraud, Inc.
And remember, if you have questions about your Spectrum account or statements, or ever have reason to suspect fraud, call us at (800)782-8782.
How You Use Spectrum Depends On Your Life Stage: Use Spectrum Services Wisely!
From childhood through retirement, wise use of the proper credit union services can help you build your credit, use financing wisely and help you achieve your monetary goals whether it includes buying a new car, financing a college education or retiring comfortably and successfully.
At Spectrum, we understand the importance of participating in a youth savings club when you are under 12, growing into a My Life Account member - and later a Global Account member up to the age of 25. As your life needs change, Spectrum is there to help you when you aare starting your career and beginning to build your family, throughout the 'asset wealth accumulating stage' and into retirement.
We at Spectrum have put together a simple guide (pdf format) entitled 'Spectrum's Products/Services Per Life Stage' which can help guide you through helpful products and services throughout your life..
Click on the link, download and print out the one page pdf and contact us if you have questions as to which product or service you may need. We are here to help you.
And remember, if you have questions about your Spectrum account or statements, call us at (800)782-8782.
Is It Time For You To 'Go Spectrum Green'?
The Nobel Peace prize that was awarded in 2007 was given to Al Gore and the United Nation's Intergovernmental Panel on Climate Change for their efforts in bringing to light the effects of global climate change as the greatest test we've ever faced as a challenge to humanity.
Remember 'Earth Day'? It was a special event day which sprang directly out of the ecology movement of the late '60's. The first Earth Day was proclaimed in San Francisco by Mayor Joseph Alioto on March 21, 1970 as a day set aside to celebrate 'our beautiful Spaceship Earth'. That day was an important step in promoting the education of how our ecological efforts could help sustain healthy life on this planet. Al Gore's efforts in this area build upon our growing knowledge of 'carbon footprints' and greenhouse gases and how we live affects the atmosphere and quality and sustainability of life.
So let's put our thinking caps on. What can we do individually to make changes, to find ways to reduce, reuse and/or recycle and extend our resources? If we found ways to do these three items, we could do our part to reduce greenhouse gas emissions and aid our ailing planet, providing and promoting a healthy environment for ourselves in the process.
What To Do: Use Spectrum 'Green'
'Sustain our resources by using sustainable resources' is a mantra we can all memorize to live a greener, more environmentally conscious life. One thing is reduce the amount of paper you normally use. Spectrum FCU members can sign up for paperless statements or e-statements. You'll reduce paper usage and increase your protection against identity theft and fraud (no papers in the trash with your personal account numbers on them). To sign up for e-statements, go to this link
And signing up for Direct Deposit not only saves paper but also your valuable time. In fact if you use PAL (Personal Account Link), Spectrum's on-line banking service AND Direct Deposit, you'd be saving more of your time AND using less paper!
Another way to 'go green' at Spectrum is to use less gasoline when driving and the way to do this is to take advantage of our Hybrid Auto Loan (which features a 1.00% Annual Percentage Rate discount off your qualifying rate). Click here for details.
Choosing to go green begins with an awareness of what the issues are and secondarily, what we, as individuals, can do to help. You don't have to change your entire lifestyle to have an impact. Small, simple changes can add up and together, we can all contribute to helping our planet and ourselves now and into the future.
More Info
The definition of Carbon Footprint is "a measure of the impact human activities have on the environment in terms of the amount of green house gases produced, as measured in units of carbon dioxide released into the atmosphere" affecting global warming. Changing your activities can have the effect of offsetting and reducing your Carbon Footprint. Contributing to the concepts of reducing consumption, reusing or repurposing consumer products, and recycling support the reduction of one's Carbon Footprint.
For a fun personal emissions calculator to determine how your daily activities cause greenhouse gases, here's a link from the Environmental Protection Agency (EPA).
What Else Can I Do?
Here's a list of activities you can do in your daily life to support a healthier planet for us all:
- Use a 'green' energy supplier - think wind-powered or solar
- Check with your energy supplier for any 'green'-related rebates for using energy efficient appliances, etc.
- Shop once a week instead of going every day to reduce the amount of gasoline you use going to and from the store
- If you can, walk or run around your neighborhood instead of driving to the health club just to use the electronic treadmill
- Defrost your refrigerator if you don't have a frostless one. It's a less energy efficient use of the freezer if it needs defrosting due to ice buildup.
- Use energy efficient appliances and light bulbs
- Use both sides of paper when printing from your computer or making copies
- Turn your computer monitor off and speakers off when not in use
- Use commuter re-imbursement program if your company offers one
- Turn your household heat down by several degrees when you are not home
- Turn lights off or install motion detectors on your lights so they automatically turn off when not needed
- Unplug rechargers when not in use
- Green Up your meals by buying local, eating seasonal, and eat organic and less red meat. You'll be maximizing your personal health and helping the local economy as well.
- Grow herbs in your backyard or even your own vegetable garden. You'll be eating your own organic food and helping supply the earth with more plants.
- Put thermostatic valves on showers and radiators to provide reliable, automatic control of fluid temperatures eliminating the need to adjust water to compensate for fluctuations
- Turn off the water when soaping up in the shower; on again to rinse
- Use the concept of 'selective flushing' in the bathroom
- Insulate windows, walls and especially your garage door which is the biggest area in the whole house for heat loss; and weatherstrip doors
- Recycle gray water (water your plants with it)
- Compost organic waste
- Encourage 'greening up' your neighborhood by getting involved with planting neighborhood gardens and tree reforesting efforts
- Use a barter or trading system for goods or services when you are able. Reducing the use of printed money can help impact the need for using paper to print the money in the first place
- Buy clothing made of organic cotton, and use alternative, sustainable fabrics such as those made from flax, bamboo, hemp, etc. to reduce using materials heavily treated with pesticides or chemicals
- Rethink what you are using for in cleaning products. Sometimes we are actually introducing more chemicals into our household having the reverse effect on cleaning our home environment, particularly for family members susceptible to asthma, allergies or rashes. Use allergen free or natural, organic alternatives
- When shopping for furniture, watch out for those which release gasses. Remember that 'new car' or 'new furniture' smell? You are noticing gasses which are being emitted from using furniture treated with VOCs or Volatile Organic Compounds - smelly, toxic chemicals - when produced. Shop for furniture which uses recycled/reclaimed or sustainable materials. Look for furniture which is easily repaired to prolong their use. Look for furniture with a Greenguard Certification to help promote offgassing in the home
- Buy vintage clothes and furniture. The resources that were used to make these items in the first place were from long ago. You will not be using today's resources if you use these items instead of new ones
- Okay, so what do you do when you are 'over it' that is to say, done with your well-loved piece of furniture or clothing or other item? If you are crafty, a coat of paint can repurpose an unused table to make it more attractive as a child's play item or can make it easier to sell on eBay, craigslist, the company newsletter or bulletin board, your blog, or the local community message center. You may also donate items to a thrift store or salvage center
Can you think of other ways to reduce, reuse or recycle? Do you think you can 'offset' your carbon footprint by make some greener choices? Do some online research and find out what else you can do - keywords: GO GREEN.
New Scam Uses Phones Instead Of Fake Websites: Beware of "Vishing"
Spectrum members are aware of the dangers of "phishing," where criminals try to lure you with fraudulent emails and even fake web pages that appear to be from your financial institution, and get you to input sensitive financial data which they then steal for their own use.
Now, there's a new hazard to be aware of: "vishing" (or "voice phishing"). Vishing takes "phishing" a step further: this time, criminals will contact the unsuspecting consumer by telephone, impersonating their financial institution, and asking them (usually via a recorded message) to dial a number and enter their financial information, which is once more hijacked by the criminals. "Vishing" is successful due to the use of Voice over IP, which allows criminals to spoof caller ID systems, and makes it difficult or impossible to trace them via phone records.
To protect themselves, consumers are advised to be highly suspicious when receiving messages directing them to call and provide credit card or bank numbers, or other personal information. Rather than provide any information, the consumer is advised to contact their financial institution directly to verify the validity of the message. Remember, your financial institution doesn't need you to provide them any card numbers, or bank account numbers: they have that information. The only verification they will ever ask for over the phone is the last four digits of your social security number, or a pre-arranged password. Anything beyond that is grounds for suspicion.
Be safe: don't ever click a link or provide personal information to an unsolicited request. Instead, contact your financial institution directly to ask if they have initiated the contact.
Spectrum FCU Does Not Practice High-Risk Lending
Spectrum Federal Credit Union members may have read recent articles about San Francisco east bay-based credit union, Cal State 9’s financial difficulties. Cal State 9’s current situation was brought about in part by engaging in high-risk lending. Currently they are continuing with normal operations and assurances are in place to ensure their members’ funds are safe, protected and secure during their difficult period.
Please rest assured that Spectrum Federal Credit Union does not and has never engaged in high-risk, non-traditional mortgage lending. Spectrum’s lending policies support principles of safety and sound growth.
Should you have any questions, please call our main service office at (800)782-8782.
PAL login now easier and more flexible
Spectrum members now have added flexibility and convenience when signing in to their PAL accounts.
Use of the online Multi Factor Authentication keyboard is now an OPTIONAL feature of your online security. Members are able to turn this protection on and off as desired. The location of this new option is in PAL: select 'More', select 'MFA', select 'Graphic Keypad,' and use the 'Show/Do Not Show' option.
We are glad we were able to make this change with no system downtime, and trust that this improvement will make your PAL experience more satisfactory.
If you would like more information, please call us at (800)782-8782.
Are you new to the idea of a savings account? Do you not have any U.S.-issued identification?
Spectrum Federal Credit Union wants you to know about our SAFE account: a savings account designed with your needs in mind. It is the perfect alternative to payday lenders and check-cashing services.
The SAFE account is a non-interest-earning savings account, and the only identification needed to open one is a Matricula card, or other recognized embassy card.
In addition, we offer the “second chance” Sunrise Checking Account, for those who have had credit problems in the past, or who have never had a checking account before.
At Spectrum Federal Credit Union, we are a not-for-profit company owned by our members, and we can be trusted to take care of your money for you. And if you live, work, worship, or attend school in San Francisco, you may be eligible to join Spectrum.
Taking care of your money doesn’t have to be scary or intimidating. With the right financial partner, it can give you peace of mind.
Call to learn about Spectrum membership today: (800)782-8782.
Low Cost International Money Transfers
Spectrum members who send money to other countries now have an opportunity to do it easily and securely. Spectrum introduces the services of the International Remittance Network (IRnet), a money transfer service backed by the World Council of Credit Unions, Inc. in partnership with VIGO Remittance Corporation.
Credit union members can now use Spectrum to send money to family members in 36 different countries around the world and save on fees and exchange rates. For more information on VIGO Remittance Corporation, click here. To send money, visit your local Spectrum branch, or call us at (800)782-8782.
New Web Resources to Fight Predatory Lending
WASHINGTON (5/8/06)--A new consumer website exposes the trappings of high-cost, high-risk payday loans, and its online calculator shows you exactly what it costs to borrow money from a payday lender.
Consumer Federation of America (CFA) launched paydayloaninfo.org last week in response to numerous reports over the past several years of excessive finance charges and fees associated with payday loans.
Sometimes referred to as cash advance loans, check advance loans, postdated check loans, or deferred deposit check loans, these short-term loans are small cash loans secured by the borrower's personal check, payable in full on the borrower's next payday. Interest rates in excess of 300% are not uncommon.
These loans strip limited resources from cash-strapped families, forcing many of them into a cycle of repeat borrowing.
According to CFA, a typical payday loan user carries eight loans a year from a single lender. If the fee is $15 per $100 borrowed for two weeks, you'd pay $360 in finance charges just to borrow $300 for sixteen weeks--and the APR is almost 400%.
The Payday Loan Info website contains information about how payday loans work, legal status of payday lending for each state, research reports, and how to file a complaint with state regulators. It offers useful tips on coping with cash-flow problems and finding less expensive money, including getting smaller loans from the credit union.
Its calculator clears up any question of how much it costs to borrow money from a payday lender. Plug in the loan fee (such as $15 per $100 borrowed), the amount of money you wish to borrow, the loan term--seven days or 14 days, and the number of loans or loan renewals you expect to have in a year from all lenders. You'll get the finance charge, total repayment amount, and annualized interest rate.
The Federal Trade Commission suggests the following alternatives to payday loans:
- Shop around and compare offers. Consider a small loan from the credit union or small loan company, an advance on pay from your employer, or a loan from family or friends. Although a cash advance on a credit card has a higher interest rate than other sources, it's probably less than a payday loan.
- Ask creditors for more time to pay your bills. Ask if you'll be assessed a late charge, additional finances charges, or a higher interest rate.
- Make a realistic budget and stick to it. Avoid unnecessary purchases and build savings to avoid borrowing for emergencies.
- Ask about overdraft protection on your share draft/checking account.
- Work out a debt repayment plan with creditors. Spectrum members have confidential access to the BALANCE credit counseling service, at http://www.balancepro.net/spectrumfcu/.
- If you decide you must take out a payday loan, only borrow as much as you can afford to pay in full with your next paycheck and still have enough resources to make it to the next payday.
